Table 6.

Robustness 2: Corporate Sustainable value creation, Poverty alleviation Initiatives, and Corporate Internal Governance Control: Using Alternative Poverty Alleviation Initiatives Measure and System GMM.

CVit
	1		2		3
Variables	Coef.	t-value	Coef.	t-value	Coef.	t-value
CVit-1	0.746***	4.38	0.489***	4.63	0.647***	4.17
PVAIit*	0.068**	2.44			−0.132**	−2.11
IGCit			0.022**	2.37	−0.421**	−2.15
PVAIit ** IGCit					0.021**	2.21
Sizeit	−0.132***	−3.00	−.114***	−3.46	−8.917***	−2.96
PERit	−0.005***	−2.98	−0.006***	−4.68	−0.005***	−3.37
Levit	0.076	0.52	0.027	0.25	0.080	0.64
FZNit	−0.284	−1.53	−.184	−1.45	−0.265	−1.57
OWNit	0.069***	2.89	0.007**	2.39	0.013	0.53
Tobinsqit	0.064***	4.19	0.054***	4.66	.062***	4.41
Lernerit	0.325***	3.31	0.688***	5.77	0.436***	3.94
Liquidityit	0.001**	2.39	0.006*	1.92	0.008**	2.01
FBDit	0.325*	1.77	0.261*	1.80	0.297*	1.79
ABDAit	−0.014*	1.76	−0.016***	−2.53	−0.011	−1.38
BSit	−0.072	−0.58	0.004	0.46	0.042	0.38
FNature	0.097	0.85	−0.061	−0.85	.036	0.34
Constant	35.677***	−2.97	0.187*	1.87	0.552***	3.68
Observations	4459		4250		3171
Firms	1464		1436		1171
Endog (p)	1.953 (0.622)		7.545 (0.604)		1.611 (0.254)
Sargan J Test (p)	0.712 (0.434)		7.15 (0.350)		5.020 (0.342)
Hansen J Test (p)	2.816 (0.310)		3.420 (0.541)		1.288 (0.434)
AR1(p)	−3.490 (0.000)		−3.867 (0.000)		−3.566 (0.000)
AR2(p)	−1.792 (0.173)		−2.085 (0.137)		−1.835 (0.167)
Year Fixed effects	Yes		Yes		Yes
Firm Fixed effects	Yes		Yes		Yes
Industry Fixed effects	Yes		Yes		Yes
Province Fixed effects	Yes		Yes		Yes

Notes: CVit is measured by the logarithm of (Net Profit/Average Balance of Total Owners' Equity) * [1 - Dividend per Share Before Taxes/(Net Profit in Current Period/Average Balance of Paid-in Capital)]; PVAIit is measured as the logarithm of the scale of enterprises' targeted poverty alleviation investment plus one; IGCit is measured as the natural logarithm of corporate internal control index based on COSO Framework (1994); Tobinsqit is measured by Tobin'Q values; Sizeit Natural logarithm of total assets; PERit is measured as Price earnings ratio; Liquidityit is measured as Yearly Turnover (Total Shares); OWNit is measured as the shareholding of the largest shareholder; FZNit is measured by [(Trading financial assets + derivative financial assets + long-term equity investment + investment real estate + held-to-maturity investment)/total assets]; BSit is measured as Total number of directors; ABDAit is measured as Average age of board of directors; FBDit is measured as Ratio of female directors to total number of board of directors; Lernerit is measured as the logarithm of Lerner Index of an Individual Stock (percentage markup of price above marginal cost); ${\mathrm{P}\mathrm{V}\mathrm{I}}_{\mathrm{i}\mathrm{t}}{*\mathrm{I}\mathrm{G}\mathrm{C}}_{\mathrm{i}\mathrm{t}}$ is the interaction of enterprises' targeted poverty alleviation investment plus one and Corporate internal governance control; ${\mathrm{F}\mathrm{N}\mathrm{a}\mathrm{t}\mathrm{u}\mathrm{r}\mathrm{e}}_{\mathrm{i}\mathrm{t}}$ is a dummy variable represents the ownership nature of firm where state-owned firms = 1 and 0 otherwise. t-values are in parentheses.

t-values are in parentheses. Industry median of ROA and CV are used as the instrumental variables. ***p < .01, **p < .05, *p < .1.